Bosnia's Sole Aluminium Smelter Shuts, To Go For Bankruptcy

Bosnian aluminium smelter Aluminij will file for bankruptcy after closing on Wednesday, putting at risk some 10,000 jobs, including contractors and those at the processing firms it supplies, Reuters reported. The smelter was disconnected from the power grid just after midnight over debts incurred because of high electricity and alumina prices, officials said. The asset is one of Bosnia’s biggest exporters, employing 900 workers in the southern town of Mostar. Nermin Dzindic, energy minister in the government of the autonomous Bosniak-Croat Federation, Aluminij’s biggest single shareholder with a 44% stake, said the company would file for bankruptcy. Small shareholders hold another 44% stake in the firm and the Croatian government the rest. Read more